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Thursday, April 14, 2011 8:40:12 AM
http://www.epic-pharma.com/index.html
Pursuant to the Alliance, Epic agreed to invest $3.75 million in Elite through the purchase of Elite’s Series E Preferred Stock and common stock warrants. In the March 31, 2011 closing, Epic made the third $1.0 million payment of this total amount, acquired 1,000 shares of Series E Preferred Stock and received a warrant registered to purchase up to forty million (40,000,000) shares of Common Stock at an exercise price of Six and 25/100 Cents ($0.0625) per share.
Under the Alliance (i) at least eight generic drug products will be developed by Epic at Elite’s facility with the intent of filing abbreviated new drug applications for obtaining United States Food and Drug Administration (“FDA”) approval of such generic drugs, (ii) Elite will be entitled to 15% of the profits generated from the sales of such additional generic drug products upon approval by the FDA, and (iii) Epic and Elite will share with each other certain resources, technology and know-how in the development of drug products, which Elite believes will benefit the continued development of its current drug products. Epic will also be entitled to receive additional shares of Elite’s Common Stock and warrants to purchase shares of Elite’s Common Stock upon achievement of certain milestones relating to the eight additional generic drug products being developed together. The first of these eight products has been filed with the FDA.
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